Sinclair Broadcast Group says it’s buying the Tennis Channel for $350 million. (TVSpy)
Tennis Channel, which includes established over-the-top subscription services, TC Plus and TV Everywhere, holds rights to 90 percent of all the televised tennis in the U.S. and boasts comprehensive coverage including the top 100 tournaments in the sport, including the U.S. Open and Wimbledon, and more. The Sinclair deal will increase Tennis Channel’s reach to 50 million homes, up from 30 million. (THR / Live Feed)
The deal has been in the works for some time. It helps fulfill Sinclair’s stated goal of expanding beyond its core broadcast TV station business into cable channels with the potential for larger national distribution and appeal to advertisers. Sinclair is one of the nation’s largest TV station owners with 171 stations serving 81 markets reaching nearly 40 percent of U.S. TV households. (Variety)
All told, Sinclair figures the deal gives Tennis a current value of about $65 million. Aryeh Bourkoff’s Liontree Advisors and Evolution Media Capital helped Tennis Channel with the transaction. (Deadline)